Four Corners Property Trust (FCPT) announced on April 20 the acquisition of a HCA Emergency Room property for $4.6 million. The property is located in a strong retail corridor in Texas and is occupied under a long-term, net lease with approximately nine years of term remaining. The transaction was priced at a 6.8% cap exclusive of transaction costs.
FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
This marks FCPT’s seventh deal of 2023, as well as its first acquisition of a freestanding emergency room this year. So far, FCPT has invested $20.8 million into its healthcare M&A strategy during 2023.
According to data captured in the LevinPro HC database, this represents the fourth acquisition of a freestanding emergency room in 2023. This is already an increase over last year, when there was one deal involving the acquisition of a freestanding emergency room.
